Participants attend the Qingdao International Partners Dialogue for High-Quality Development during the fifth QMS. [Photo provided to chinadaily.com.cn]

The Qingdao International Partners Dialogue for High-Quality Development was held on Aug 28 and was a key segment of the fifth Qingdao Multinationals Summit. The event explored new opportunities for cooperation between Qingdao and multinationals.

In his keynote speech, Zeng Zanrong, Party secretary of Qingdao, stated the city aims to expand industrial clusters, strengthen its marine economy, deepen trade cooperation, promote green transformation, and enhance the quality of its cultural and tourism sectors.

Sean Stein, chairman of the American Chamber of Commerce in China, expressed strong confidence in the opportunities for cooperation in China: "Chinese companies are increasingly willing and able to adopt new technologies, which is a key factor in our decision to invest in China."

He added that Qingdao enjoys a strong reputation among foreign investors and has consistently worked to create a modern business environment characterized by transparency, efficiency, predictability, and fairness.

During the dialogue, Mizuho Bank and JD Group signed strategic cooperation memorandums with Qingdao. Including these two projects, a total of 12 industrial projects with a combined investment of $1.22 billion were signed, covering areas such as high-end equipment, new energy, new materials, and modern finance.

Multinational companies also recognize the emerging industry opportunities in Qingdao.

Wang Lei, executive vice-president of AstraZeneca said Qingdao has prioritized the biopharmaceutical industry as an emerging sector, supported by the concentration of key academic resources such as Shandong University and Ocean University of China.

He added that AstraZeneca will continue to support Qingdao in building production bases, regional headquarters, innovation centers, as well as the entire industrial chains for respiratory diseases and rare diseases.